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REE 3043 Chapter 4 Test questions with Simplified answers
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REE 3043 Chapter 4 Test questions with Simplified answers
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REE 3043 Chapter 4 Test questionswith Simplified answers
Given the following information, compute the property tax rate for the
community in mills: total budget expenditures: $250 million; total nonproperty
tax income: $150 million; total assessed value of all properties: $5 billion; total
exemptions: $900 million.
-2.43 mills
-2.0 mills
-20.0 mills
-24.3 mills - ✔✔24.3 mills
In considering the acquisition of real property, it is important to remember that
certain factors may limit ownership rights. Which of the following is an example
of a situation in which ownership rights can be fully removed from the property?
-land use controls
-leasehold interests
-homeowner association (HOA) bylaws
-defaulted lien - ✔✔leasehold interests
, Given the following information, compute the effective tax rate for the particular
piece of property in percentage terms. Market value of property: $325,000,
Assessed value of property: $250,000, Exemptions: $50,000, Taxes paid: $5,363.
A. 1.50%
B. 2.35%
C. 1.65%
D. 2.68% - ✔✔1.65%
All of the following statements are true in describing the determination of just
compensation except
-the value of the property is based on its highest and best use at the time.
-the value of the property is determined solely by its current use.
-the value is the amount that restores the property owner to a financial position
equivalent to that existing before the property was taken.
-the value is the market value of the property if completely taken, or the total
value of all financial loss if partially taken. - ✔✔The value of the property
is determined solely by its current use.
Given the following information, calculate the total annual tax liability of the
homeowner: market value of property: $537,500; assessed value of property:
60% of the market value; exemptions: $2,500; school district millage rate:
29.25 mills; county and township millage rate: 5.75 mills. - ✔✔11,200
Traditional zoning regulations are criticized for often being too rigid in forcing
uniform types of development. One proposed solution to this issue allows
traditional zoning requirements to vary in exchange for an enhancement to the
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